Mid-market sales slow in final weeks of the year

Commercial sales totaled $58M in second-to-last week of 2020

New York /
Dec.December 29, 2020 04:25 PM
Clockwise from top left: 1529 62nd Street in Bensonhurst, 46-28 21st Street in Long Island City, 128 Houston Street in the Bowery, 718 East 211 Street in East Bronx and 47 West 55th Street in Midtown (Google Maps)

Clockwise from top left: 1529 62nd Street in Bensonhurst, 46-28 21st Street in Long Island City, 128 Houston Street in the Bowery, 718 East 211 Street in East Bronx and 47 West 55th Street in Midtown (Google Maps)

Activity for New York’s mid-market investment sales — that is, sales between $10 million and $30 million — unsurprisingly slowed in the weeks before the end of the year. There were just five sales totaling $58.05 million, with every borough except Staten Island represented.

The largest parcel sold was a 4,900-square-foot industrial building in Borough Park, which will eventually transform into a commercial space. Other deals include affordable housing in the Bronx and a development parcel purchased in Long Island City.

Here are more details for the week ending Dec. 25:

1. Limited liability companies affiliated with Jack Guttman and Jack Basch sold a 4,900-square-foot industrial building on 12,700 square feet of land at 1529 62nd Street in Borough Park, for $13.25 million. The buyer was limited liability company MMark2018. Earlier this month, Abraham Woldiger filed an application for a five-story, 45,833-square-foot commercial and community building at the same address.

2. Jerry Offenberg sold a 12,500-square-foot warehouse at 46-28 21st Street in Long Island City for $13 million. The site has 47,000 square feet of development rights. Jiashu Xu led a group of developers to purchase the property. Rodney Nassimian and Josh Goldflam of Highcap Group completed the sale.

3. The Seidman Family sold a 12,590-square-foot mixed-use building at 128 West Houston Street in Greenwich Village for $11 million. The buyer was parking landlord Gary Spindler, acting through Sul-hous Holdings LLC. The building has approximately 20 rental apartments, according to StreetEasy.

4. The Center for Urban Community Services acquired 35,000 square feet of vacant land at 713 and 718 East 211 Street in East Bronx for $10.8 million. B&B Urban was the seller. The land will eventually be home to Williamsbridge Gardens, an affordable housing complex for which CUCS will provide supportive housing services.

5. Pancas Restaurant, Inc. sold a 11,000-square-foot mixed-use building at 47 West 55th Street for $10 million. Frank Caselli signed as the seller. The buyer was Abraham Heby through limited liability company AH 55th Street Owner.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    1065-1075 Gerard Avenue in the Bronx 
    Prana pays Related $36M in Bronx multifamily play
    Prana pays Related $36M in Bronx multifamily play
    448 East 143rd Street in the Bronx (Credit: Google Maps)
    Private developer’s NYCHA project in Mott Haven lands $79M in financing
    Private developer’s NYCHA project in Mott Haven lands $79M in financing
    270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
    Legendary Hampton Bays bar up for sale
    Legendary Hampton Bays bar up for sale
    Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
    Industrial space “effectively sold out” amid leasing frenzy, Prologis says
    Industrial space “effectively sold out” amid leasing frenzy, Prologis says
    Starwood raises $10B for distressed real estate plays
    Starwood raises $10B for distressed real estate plays
    Starwood raises $10B for distressed real estate plays
    Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
    Two Upper East Side apartment buildings head to foreclosure sale
    Two Upper East Side apartment buildings head to foreclosure sale
    Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
    Private equity firm carves out 14K sf at Aurora’s Solar Carve building
    Private equity firm carves out 14K sf at Aurora’s Solar Carve building
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...